PTC Revision tips!
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mariamcd020
Registered Posts: 36 Regular contributor ⭐
Can anyone tell me how they used the past papers to revise when the figures are different?
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Comments
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Don't is the basic rule ... just use them to get a rough idea of the format of the exam. Concentrate on the exercises in your text book which use current year data.0
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I haven't used them for the tax exams. I don't need the different figures making my head spin even more!
I've answered the questions after each chapter and worked my way through the practice papers in my book.
I use the exam papers to get an idea of the layout and what sort of things they might ask but that is all I use them for.0 -
All I have done is the most recent exams 09 & dec 08 as that is where the Capital Gains tax changes to its current format.
I have fiddled about with the different personal allowances and exemptions from the dates of the exam but just really to get a feel of the exams.
Seems very cut and dried in that Section 1 Employment + taxable benefits + 1 small theory question and Section 2 CGT and property income+theory question often regarding when payment of CGT should be made or liabilities for late payment of tax.
Got to be honest out of PTC and DFS I have given 70% of my time to getting to grips with DFS so now really brushing up on alot of PTC stuff ready for tomorrow but is going ok thanks mainly to being able to put the DFS books, folders, paper etc to the back of the cupboard....hopefully never to be seen again!! :-)0 -
Im same, Ive been concentrating on DFS solely for the past 3 days so its took all afternoon to get back into PTC, I hope it all comes back to me tomorrow. After looking at the part disposal question from Dec 2009 Im feeling a little scared!0
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NO BUSINESS CASE wrote: »
Got to be honest out of PTC and DFS I have given 70% of my time to getting to grips with DFS so now really brushing up on alot of PTC stuff ready for tomorrow but is going ok thanks mainly to being able to put the DFS books, folders, paper etc to the back of the cupboard....hopefully never to be seen again!! :-)
i threw out past papers last night and my books are on the stairs waiting to go up on my bookshelf.
just going through BPP practise exams now and it all seems to be going well so far.
one question
on the total income tax liability, why if it is on the property income and it is £3290 - where does the personal allowance come from to make it a liability of NIL?
Tracy0 -
Antonia - BPP question
Could anyone possible help...
BPP book for PTC
Practice exam 4
section 1
The asset for use - TV - then she buys it from her employer. Gift of asset.
However the answer seems a little funny.
I understand (if im right) that the gift of asset
is calculated like this
The higher of the original MV less already assesed
and MV at the time of Acquistion less price paid by employee
However the answer 1 seems to take the lower of the 2 and also adds on the amount previously assesed to the balance after taking the price paid by employee
Sorry if i make no sense....
Thansk in advance....0 -
It should be the higher of the market value given at date of transfer or the value when first provided, less benefits assessed already (and also minus any contribution - i.e. if the employee has paid something for it). Not sure if I've explained that very well...RittyLeigh wrote: »Could anyone possible help...
BPP book for PTC
Practice exam 4
section 1
The asset for use - TV - then she buys it from her employer. Gift of asset.
However the answer seems a little funny.
I understand (if im right) that the gift of asset
is calculated like this
The higher of the original MV less already assesed
and MV at the time of Acquistion less price paid by employee
However the answer 1 seems to take the lower of the 2 and also adds on the amount previously assesed to the balance after taking the price paid by employee
Sorry if i make no sense....
Thansk in advance....0 -
While were on the subject of BPP books, in exam 5 section one the answers for flat in mine seem to be wrong, the expensive accomodation charge should be 7/12 but then they use the whole year value?0
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While were on the subject of BPP books, in exam 5 section one the answers for flat in mine seem to be wrong, the expensive accomodation charge should be 7/12 but then they use the whole year value?
looking at that now, on p336 for the flat they have used 7/12 for the annual value and the additional charge
***edit, apologies, was not looking at the answer, looking at how they got it £2771 is the figure - not 4750***
bpp need to check for errors before printing0 -
I studied so much for DFS I could with an extra day before this exam.. I'm trying to learn all of the submission dates and penalties at the moment... can't wait for it to be over!0
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the additional charge should be 2771
BPP error0 -
Thanks, glad its not just me, was panicing that there was a rule I didnt know about, lol.0
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Can i check something else
I thought i knew this!
Diesel cars, i understand that the base is nw 18% and not 15%
However do i still add my % worked out from my emissions less 35 , then dividing that answer by 5, eg givin 2% then add the 3% supplement
Ie now having 18+2+3?
Thank you!0 -
looking at that now, on p336 for the flat they have used 7/12 for the annual value and the additional charge
***edit, apologies, was not looking at the answer, looking at how they got it £2771 is the figure - not 4750***
bpp need to check for errors before printing
I agree
also on page 243 the bonus issue is a rights issue
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why on some of the computations of taxable income does it put the taxable benefits and on some it doesn't?
ie bpp sample paper 1 task 1.1 doesn't, but sample paper 2 task 1.2 does (where it says clearly show the disctinction between the different types of income0 -
Yeah I was wondering that, the layout isnt very uniform.0
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RittyLeigh wrote: »Can i check something else
I thought i knew this!
Diesel cars, i understand that the base is nw 18% and not 15%
However do i still add my % worked out from my emissions less 35 , then dividing that answer by 5, eg givin 2% then add the 3% supplement
Ie now having 18+2+3?
Thank you!
You seem to be doubling up on the 3% (you have added it to the 15% and are adding it on at the end as well).
I would just keep your base rate as 15% then add the 2% for the element over 135g/km then add the 3% for the diesel.0 -
tis rubbish, i have checked the other answers and they all put the benefits in, so guesss what im gonna do??0
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RittyLeigh wrote: »Can i check something else
I thought i knew this!
Diesel cars, i understand that the base is nw 18% and not 15%
However do i still add my % worked out from my emissions less 35 , then dividing that answer by 5, eg givin 2% then add the 3% supplement
Ie now having 18+2+3?
Thank you!
For diesel you just add an extra 3%, so if you're using 18% you wouldn't add the 3% on again.0 -
I have Kaplan and BPP books and both have oddities in them, I think coz the rules change every year they only change bits of them and then miss some things on the proof reading. Im just dreading tomorrow now though, coz I havent been able to do many past papers I feel so under prepared!0
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I have Kaplan and BPP books and both have oddities in them, I think coz the rules change every year they only change bits of them and then miss some things on the proof reading. Im just dreading tomorrow now though, coz I havent been able to do many past papers I feel so under prepared!
i think we would be worse off if we didn't realise the mistakes, at least we can spot where the mistakes are, it would be different if we just plodded along and didnt 2nd guess things - if you see what i mean0 -
Right I'm packing up now and gonna try and get an early night. I'm all taxed out I think.... best of luck for tomorrow everyone. Nearly there! :-)0
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RittyLeigh wrote: »Can i check something else
I thought i knew this!
Diesel cars, i understand that the base is nw 18% and not 15%
However do i still add my % worked out from my emissions less 35 , then dividing that answer by 5, eg givin 2% then add the 3% supplement
Ie now having 18+2+3?
Thank you!
No I think it is 18% + 2%
The 18 already includes the extra 3% for deisel cars
I'm sure this is right but please someone let me know if I am incorrect!!0
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